
Chapter 12 Vocabulary
Quiz
•
Business
•
9th - 12th Grade
•
Practice Problem
•
Easy
Kaitlin Harris
Used 6+ times
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A system of accounting where all revenues and expenses are matched and reported on financial statements for that specific period; regardless of when the cash related to the transaction is received or paid.
Deferred Expenses
Accrual Basis
Accrued Income
Accrued Expenses
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Expense items that relate to the current period but have not yet been paid and do not yet appear in the accounting records.
Accrual Basis
Deferred Income
Updated Account Balances
Accrued Expenses
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Income that has been earned but not yet received and recorded.
Accrued Expenses
Unearned Income
Accrued Income
Accrual Basis
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Expense items acquired, recorded, and paid for in advance of their use.
Deferred Expenses
Accrual Basis
Deferred Income
Accrued Expenses
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Income received before it is earned.
Deferred Income
Accrual Basis
Updated Account Balances
Accrued Expenses
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A form used to list the quantity and type of goods a firm has in stock.
Net Income Line
Updated Account Balances
Inventory Sheet
Accrual Basis
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Long-term assets that are used in the operation of a business and that are subject to depreciation
Accrual Basis
Accrued Income
Net Income Line
Property, plant, and equipment
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